# Table 10: Domestic Demographics (Standardized) on Rates and Inflation

| Variable | real_bond_10y (OECD*) | real_short_3m (OECD*) | inflation (Full) | inflation (OECD) |
|---|---|---|---|---|
| domestic_Z_1_dev_std | 57.283** (23.595) | 78.705*** (27.491) | -16.825 (18.595) | -22.711 (19.543) |
| domestic_Z_2_dev_std | -95.037* (48.711) | -143.930** (57.141) | 38.974 (38.504) | 46.717 (40.300) |
| domestic_Z_3_dev_std | 39.751 (25.981) | 66.630** (30.595) | -20.940 (20.634) | -23.674 (21.484) |
| rgdp_growth | -0.033*** (0.012) | -0.060*** (0.018) | -0.115*** (0.024) | -0.120*** (0.025) |
| inflation | -0.775*** (0.023) | -0.678*** (0.032) |  |  |
| fiscal_bal_gdp | 0.032* (0.018) | 0.073*** (0.026) | 0.062** (0.029) | 0.059* (0.030) |
| kaopen | -1.103*** (0.191) | -1.589*** (0.233) | -1.791*** (0.172) | -2.164*** (0.186) |
| nfa_gdp_lag | -0.249 (0.316) | -0.703* (0.400) | 0.129 (0.324) | 0.052 (0.351) |
| output_gap |  |  | 0.324*** (0.041) | 0.327*** (0.042) |
|---|---|---|---|---|
| R² | 0.108 | 0.005 | 0.278 | 0.332 |
| N obs | 803 | 813 | 926 | 874 |
| N countries | 23 | 23 | 26 | 24 |

*Coefficients represent per 1-SD change in domestic demographic deviation. Year fixed effects absorb the common global demographic trend.*

# Table 10b: With Domestic Z_1 × KAOPEN Interaction

| Variable | real_bond_10y (OECD*) | real_short_3m (OECD*) | inflation (Full) | inflation (OECD) |
|---|---|---|---|---|
| domestic_Z_1_dev_std | 56.655** (23.533) | 81.995*** (26.751) | -2.570 (17.414) | -7.162 (18.989) |
| domestic_Z_2_dev_std | -92.970* (48.588) | -150.182*** (55.610) | 13.835 (35.951) | 20.502 (38.893) |
| domestic_Z_3_dev_std | 39.374 (25.912) | 71.544** (29.786) | -6.470 (19.285) | -9.581 (20.736) |
| domestic_Z_1_dev_std_x_kaopen | -0.826** (0.332) | -1.534*** (0.416) | -2.302*** (0.425) | -1.946*** (0.486) |
| rgdp_growth | -0.033*** (0.012) | -0.059*** (0.018) | -0.108*** (0.024) | -0.114*** (0.025) |
| inflation | -0.776*** (0.023) | -0.677*** (0.032) |  |  |
| fiscal_bal_gdp | 0.033* (0.018) | 0.071*** (0.026) | 0.056** (0.029) | 0.053* (0.030) |
| kaopen | -0.836*** (0.218) | -1.225*** (0.253) | -1.280*** (0.192) | -1.579*** (0.235) |
| nfa_gdp_lag | -0.230 (0.315) | -0.631 (0.392) | 0.218 (0.305) | 0.163 (0.338) |
| output_gap |  |  | 0.312*** (0.040) | 0.319*** (0.042) |
|---|---|---|---|---|
| R² | 0.131 | 0.073 | 0.358 | 0.381 |
| N obs | 803 | 813 | 926 | 874 |
| N countries | 23 | 23 | 26 | 24 |